SK Telecom downgraded to Neutral at Citi on greater uncertainty

As previously reported, Citi downgraded SK Telecom (SKM) to Neutral from Buy with a price target of KRW 58,000, down from KRW 67,000. SK Telecom temporarily suspended new subscriber signups and additional cost seems likely, which the firm expects to provide more uncertainty to core earnings. Despite the recent price correction, the firm still sees more downside risks than upside from here, the analyst tells investors.